Doomy's back and he's about to butthurt the AUD/USD

[Shakone]

Doom, seeing as you average down anyway, why not use that to improve your entry?

So you were £20 a point, then you added in another 20 lower. Take off the first 20 when it reaches say 10-30 pips and bank some money like CV suggested, and just be left with the improved entry. Do it again if you need. Given that you added 7 or 8 times, had you done this you could have ended up with the best entry low down at 20 per pip, and a grand or so already tucked away before the move. might make you less likely to shift stops around.

 

[Benj1981]

Doom, seeing as you average down anyway, why not use that to improve your entry?

So you were £20 a point, then you added in another 20 lower. Take off the first 20 when it reaches say 10-30 pips and bank some money like CV suggested, and just be left with the improved entry. Do it again if you need. Given that you added 7 or 8 times, had you done this you could have ended up with the best entry low down at 20 per pip, and a grand or so already tucked away before the move. might make you less likely to shift stops around.

Some words on averaging down by an ok trader:

 

[mike.]

I was reading this thread last night about midnight, I watched price drop down through dooms stop level and bottom out just before the news announcement about 12.20, I had the deal ticket already open ready to buy , but I never took the trade, I felt it was pure gambling even though I was confident after doing some analysis of a rise in price. Missed 50 pips as soon as the news broke, I actually felt quite proud that I sat on my hands rather than stray from my strategy.

 

[Shakone]

Some words on averaging down by an ok trader:

The point is that he's doing it anyway. You can tell a drug addict or a teenager who wants to have sex to stop taking drugs or to not have sex, respectively, but it's usually pointless. Since they're going to do it anyway, why not give some clean syringes or some prophylactics, maybe make sure although damage might be done, it is less than it could be?

Saying losers average losers doesn't really help imo, because the trader with the problem doesn't see a losing trade as a loser. In fact he and Fxmo have stated quite clearly that he was correct on the trade call.

 

[Trader333]

Profitable trades that happen outside of common sense trading or trading plan lead to negative reinforcement. The ultimate scenario for every instance of this, (if the pattern continues), is a blown account in my view.

 

[Forexmospherian]

The point is that he's doing it anyway. You can tell a drug addict or a teenager who wants to have sex to stop taking drugs or to not have sex, respectively, but it's usually pointless. Since they're going to do it anyway, why not give some clean syringes or some prophylactics, maybe make sure although damage might be done, it is less than it could be?

Saying losers average losers doesn't really help imo, because the trader with the problem doesn't see a losing trade as a loser. In fact he and Fxmo have stated quite clearly that he was correct on the trade call.

HI Shakone


Slighty off topic - but you said prophylactics instead of saying condoms - and the the only guys I know who say that word are Americans

I can see you down as from UK with flag - but are you actually from the good old US of A and T2W just default all and sundry to the UK ?

Regards


F

 

[MajorMagnuM]

profitable trades that happen outside of common sense trading or trading plan lead to negative reinforcement. The ultimate scenario for every instance of this, (if the pattern continues), is a blown account in my view.

on the nail

 

[random12345]

Yeah, successfully picking a direction without also accommodating the spikes and price behaviour in between is completely trivial even by forum standards.

 

[VielGeld]

Hmm... Let's assume this was a good call.

Doomberg, do you have a plan for the next time this happens so you may, in effect, take advantage of your good call? What do you think you did right/wrong with this trade, regardless of what anyone here might think?

 

[MajorMagnuM]

HI Shakone


Slighty off topic - but you said prophylactics instead of saying condoms - and the the only guys I know who say that word are Americans

I can see you down as from UK with flag - but are you actually from the good old US of A and T2W just default all and sundry to the UK ?

Regards


F

i like the term "Rubbers"
oh and lol

 

[Doomberg]

Hmm... Let's assume this was a good call.

Doomberg, do you have a plan for the next time this happens so you may, in effect, take advantage of your good call? What do you think you did right/wrong with this trade, regardless of what anyone here might think?

I just broke my rules buddy, moved stops too tight to get more per point, and then got bummed for breaking my rules.... happens all the time

 

[VielGeld]

So what you're saying is, you would be profitable if you stuck to your rules initially set out at the start of the trade?

 

[Trader333]

I just broke my rules buddy, moved stops too tight to get more per point, and then got bummed for breaking my rules.... happens all the time

In view of what has happened, (and if you so wish) I can change the name of this this thread from:

"Doomy's back and he's about to butthurt the AUD/USD"

to

"Doomy's back and he's about to get butthurt from the AUD/USD"

It is entirely up to you

 

[Benj1981]

The point is that he's doing it anyway. You can tell a drug addict or a teenager who wants to have sex to stop taking drugs or to not have sex, respectively, but it's usually pointless. Since they're going to do it anyway, why not give some clean syringes or some prophylactics, maybe make sure although damage might be done, it is less than it could be?

Saying losers average losers doesn't really help imo, because the trader with the problem doesn't see a losing trade as a loser. In fact he and Fxmo have stated quite clearly that he was correct on the trade call.

Legitimising averaging down is the last thing Doomberg needs, in my opinion. What you described is a very dangerous technique only to be employed by disciplined professionals who know never to try this on a trend day (identified by opening range structure and subsequent price action), and even then it's questionable. No offence to Doomers, but he's not there yet. Surely it would be more beneficial for Doomers to question whether averaging down is a viable "technique" altogether? He'd at least stop losing so much dough on the ones that went wrong, which would buy him some more time to learn some discipline. N'est-ce pas mon ami?

GTTY

 

[Shakone]

Legitimising averaging down is the last thing Doomberg needs, in my opinion. What you described is a very dangerous technique only to be employed by disciplined professionals who know never to try this on a trend day (identified by opening range structure and subsequent price action), and even then it's questionable. No offence to Doomers, but he's not there yet. Surely it would be more beneficial for Doomers to question whether averaging down is a viable "technique" altogether? He'd at least stop losing so much dough on the ones that went wrong, which would buy him some more time to learn some discipline. N'est-ce pas mon ami?

GTTY

So do you think there was nobody on this thread - or the past 3 or so in which he's done similar things - that suggested he shouldn't average down? :innocent: What was the result? Here he ended up with nearly 9 times his initial stake. How can that be Benji when people pointed it out to him before it got that bad? Why didn't he reflect on whether averaging down is viable?

Doomberg likes to do this, whether for the lulz, because he makes money doing it overall or for excitement I don't know. It's his money, so he can do what he wants. What if he makes money doing this or if he actually wants to do this?

 

[Liquid validity]

I just broke my rules buddy, moved stops too tight to get more per point, and then got bummed for breaking my rules.... happens all the time

If I was you I would think long and hard about exactly what lead you
to do that in the first place...

BTW, no ones having a pop, everyone here is just trying to help you thats all.

 

[Benj1981]

So do you think there was nobody on this thread - or the past 3 or so in which he's done similar things - that suggested he shouldn't average down? :innocent: What was the result? Here he ended up with nearly 9 times his initial stake. How can that be Benji when people pointed it out to him before it got that bad? Why didn't he reflect on whether averaging down is viable?

Doomberg likes to do this, whether for the lulz, because he makes money doing it overall or for excitement I don't know. It's his money, so he can do what he wants. What if he makes money doing this or if he actually wants to do this?

Hey Shakone, I'm all up for people doing what they want with their own dough, positive or negative, in fact words of advice are usually wasted on here (like you were referring to with the 3 prev. threads), as either the recipient isn't far enough along the curve technically/psychologically to grasp their meaning, or they just plain don't listen to anyone else except themselves, which is fine if you're a hot shot trader already. Not to mention the pitfalls of listening to strangers on the internet :whistling. So yeah, I get what you're saying, but I still won't advise anyone to do anything, which I wouldn't do myself. If you or others average down successfully though, then maybe Doomers can learn something from you after all...

GTTY

 

[tar]

We should differentiate between averaging-down and scaling-in , as long as scaling-in is a part of your trading plan -without risking more money- then its ok , averaging-down as a revenge tech is totally different story , so instead of trading 300p/p why not space his entries with smaller stakes to get a better entry price ? ofcourse he needs a predetermined plan , its dangerous yes but he's already trading @ 300p/p , why not trade much smaller then add later ... ?

 

[Doomberg]

In view of what has happened, (and if you so wish) I can change the name of this this thread from:

"Doomy's back and he's about to butthurt the AUD/USD"

to

"Doomy's back and he's about to get butthurt from the AUD/USD"

It is entirely up to you

You're more than welcome to if you want to

 

[Doomberg]

So what you're saying is, you would be profitable if you stuck to your rules initially set out at the start of the trade?

I was day trading mostly, for a long time and even then it was muy rules that got me.

But yes, of you look at the majority of my last threads, of swing trades.... had i kept the stops at the critical levels i worked out which were at least 50 points away, i'd of won on pretty much all of them... instead i move my stop up like a trailing stop, but instead of locking in profit i just make my position 10x bigger